Mexico

I notice the Mexican stock market index is probably the leading index now. The index value retraced most of the decline of the past two years. The rally may be greater than the Chinese SSE Shanghai stock index rally. I include FXM Mexican Peso Trust chart.

"The numbers indicated, however, that some of the worst declines may have passed for Latin America's second-largest economy. The quarter-on-quarter drop of 1.12%, which translates to an annualized decline of 4.4%, was a big improvement from the previous quarter. The GDP plunged 5.8% in the first three months of the year -- a clip that would have seen the economy fall more than 20% this year had it continued.

"In June of this year, the economy probably stabilized or touched bottom, and that we'll start to see a recovery in the next quarter," said Alejandro Werner, deputy finance minister, in an interview. Mr. Werner noted that July data for car sales and unemployment figures were providing the first evidence of "green shoots" of a recovery.

The quarter-on-quarter figures were also better than analysts' projections of a 1.9% drop.

"These numbers are much better than expected," said Alfredo Coutino, director for Latin America at Moody's Economy.com. "Mexico will possibly be leaving recession by the end of the third quarter.""